普洛药业拟中期分红超4亿元 跻身国内CDMO企业领先梯队

Core Viewpoint - Prolo Pharmaceutical's financial performance in the first half of 2025 shows a decline in revenue and net profit, but the CDMO business is experiencing significant growth and entering a harvest phase [1][2] Financial Performance - In the first half of 2025, Prolo Pharmaceutical achieved revenue of 5.444 billion yuan, a year-on-year decrease of 15.31% - The net profit attributable to shareholders was 563 million yuan, down 9.89% year-on-year - In Q2, the company reported revenue of 2.714 billion yuan, roughly stable compared to Q1, with a net profit of 315 million yuan, reflecting a quarter-on-quarter increase of 26.51% [1] Dividend Distribution - Prolo Pharmaceutical announced a mid-year profit distribution plan, proposing a cash dividend of 3.4835 yuan per 10 shares (tax included), totaling 400 million yuan - The cash dividend ratio stands at 71.05%, marking the 22nd cumulative cash distribution since the company's listing - This distribution reflects the company's commitment to long-term development and aligns with regulatory encouragement for increased cash dividends [1] CDMO Business Growth - The CDMO business generated revenue of 1.236 billion yuan in the first half of 2025, representing a year-on-year growth of 20.32% - Gross profit from the CDMO segment reached 545 million yuan, up 32.19%, with a gross margin of 44.04%, an increase of 3.95 percentage points year-on-year - The number of ongoing projects in the CDMO business reached 1,180, a 35% increase year-on-year, with 377 projects in the commercialization phase (up 19%) and 803 in the R&D phase (up 44%) [2] Competitive Position - Prolo Pharmaceutical's CDMO business has strengthened its core competitiveness and is now among the leading CDMO companies in China - The company has established CDMO R&D centers in Hengdian, Shanghai, and Boston, employing over 500 R&D personnel - Various technical platforms, including fluid mechanics, crystallization, synthetic biology, and enzyme catalysis, continue to empower the CDMO business [2] Market Outlook - Pacific Securities anticipates that with the rapid growth of R&D phase projects and the acceleration of integrated raw material drug formulation layout, Prolo Pharmaceutical's profit growth is expected to accelerate as the proportion of CDMO and formulation business increases, maintaining a "buy" rating for the company [2]